NeoGenomics (NASDAQ:NEO) Sees Unusually-High Trading Volume - Time to Buy?

Key Points

• NeoGenomics experienced a significant increase in trading volume, with 7.7 million shares traded, representing a 271% rise from the previous session.
• Analysts have given NeoGenomics a consensus rating of "Hold", with seven rating it as a Buy and a price target raised to $12 from several brokerages.
• The company maintains strong financial ratios, including a quick ratio of 3.58 and a debt-to-equity ratio of 0.40, indicating solid liquidity and lower leverage.

NeoGenomics, Inc. (NASDAQ:NEO - Get Free Report) saw an uptick in trading volume on Thursday . 7,699,658 shares changed hands during trading, an increase of 271% from the previous session's volume of 2,074,595 shares.The stock last traded at $9.03 and had previously closed at $8.72.

Analyst Ratings Changes

Several brokerages have commented on NEO. Cowen reiterated a "buy" rating on shares of NeoGenomics in a research note on Friday, September 12th. TD Cowen raised their price target on NeoGenomics from $10.00 to $12.00 and gave the stock a "buy" rating in a research note on Friday, September 12th. Morgan Stanley set a $8.00 target price on NeoGenomics and gave the stock an "equal weight" rating in a report on Wednesday, July 30th. William Blair reaffirmed a "market perform" rating on shares of NeoGenomics in a report on Tuesday, July 29th. Finally, Stephens raised their target price on NeoGenomics from $6.50 to $11.00 and gave the stock an "overweight" rating in a report on Tuesday, September 2nd. Seven investment analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $12.56.

NeoGenomics Trading Up 2.5%

The company has a quick ratio of 3.58, a current ratio of 3.92 and a debt-to-equity ratio of 0.40. The stock has a fifty day simple moving average of $7.06 and a 200 day simple moving average of $7.74. The firm has a market capitalization of $1.15 billion, a P/E ratio of -11.03 and a beta of 1.61.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Allspring Global Investments Holdings LLC grew its position in shares of NeoGenomics by 54.0% during the first quarter. Allspring Global Investments Holdings LLC now owns 33,461 shares of the medical research company's stock valued at $318,000 after purchasing an additional 11,733 shares in the last quarter. GAMMA Investing LLC grew its position in shares of NeoGenomics by 1,107.7% during the first quarter. GAMMA Investing LLC now owns 17,765 shares of the medical research company's stock valued at $1,872,000 after purchasing an additional 16,294 shares in the last quarter. Squarepoint Ops LLC purchased a new position in shares of NeoGenomics during the fourth quarter valued at about $276,000. Segall Bryant & Hamill LLC grew its position in shares of NeoGenomics by 11.2% during the first quarter. Segall Bryant & Hamill LLC now owns 2,350,746 shares of the medical research company's stock valued at $22,309,000 after purchasing an additional 236,924 shares in the last quarter. Finally, Teacher Retirement System of Texas purchased a new position in shares of NeoGenomics during the first quarter valued at about $178,000. Hedge funds and other institutional investors own 98.50% of the company's stock.

NeoGenomics Company Profile

NeoGenomics, Inc operates a network of cancer-focused testing laboratories in the United States and the United Kingdom. It operates through Clinical Services and Advanced Diagnostics segments. The company offers testing services to hospitals, academic centers, pathologists, oncologists, clinicians, pharmaceutical companies, and clinical laboratories.

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